Overview of Bankruptcy in Duluth, MN
If you have found yourself buried under a mounting pile of debt and feel like there is no way out, you may want to consider filing bankruptcy. When times get tough, it can be difficult to keep up with regular payments on credit cards, mortgages, and auto loans. Whether due to loss of income or change in circumstance, snowballing debt is extremely stressful to deal with. Luckily, for most situations, there is a solution. Depending on your financial history, you may be eligible for either Chapter 13 or Chapter 7 bankruptcy.
The knowledgeable and competent bankruptcy lawyers of Solvent PLLC can help guide you through every step of the bankruptcy process, including advice on rebuilding credit. If you are buried under debt in Duluth, MN, contact the bankruptcy lawyers at Solvent PLLC today.
Chapter 13 Bankruptcy
Filing a chapter 13 bankruptcy can be the best choice for you if you earn a consistent income and/or have valuable assets you want to keep. Under this chapter, your lawyer can help you come up with a repayment plan. Your debts will be restructured, and you will make monthly payments over a set period in order to clear your balances. A chapter 13 bankruptcy can be beneficial especially if you are a homeowner. Any foreclosure proceedings will be halted, and your mortgage can be incorporated into your payment plan.
Chapter 7 Bankruptcy
Chapter 7 bankruptcy is often referred to as liquidation. This is the most common chapter for consumers and is often the quickest. Most cases in chapter 7 are completed and debts discharged within about three months. Chapter 7 wipes out nearly all kinds of debt, with the exclusion of child support, alimony, and student loans.
Automatic Stay
The moment you file for bankruptcy, regardless of the chapter, an automatic stay will go into effect. This is an action that legally halts all actions against you by creditors, including foreclosure proceedings. An automatic stay gives you the time you need to come up with a liquidation or restructuring plan with your lawyer.
Contact Duluth Bankruptcy Lawyers
Your Solvent PLLC lawyer can walk you through all aspects of bankruptcy and help advise which chapter is best suited for your individual needs. Solvent PLLC has over 45 years of combined lawyer and paralegal experience in bankruptcy law. Do not spend another minute struggling under the weight of growing debt. Call today for a free bankruptcy consultation in Duluth.
